The aim of this work was to study the influence of Zn on the formation of nanostructure in Fe73.5−xZnxCu1Nb3Si13.5B9 (x = 1, 3, 5) ribbons prepared by the melt-spinning technique. X-ray diffraction measurements proved amorphous state of the sample with x = 1. The sample with x = 3 contains a small fraction of Fe3Si phase and the sample with x = 5 is in nanocrystalline state with the average grain size of about 25 nm. The reduced radial distribution function G(r) was calculated for local structure investigation. Increasing Zn content enhances crystallization during solidification which leads to increase of magnetocrystalline anisotropy and consequently to increase of coercivity.